Executive Officer and Director Compensation
target bonus of 40% of his base salary and increased his base salary to $401,700 effective as of
January 1, 2019. Mr. Kims cash incentive bonus target increased to 45% in 2019 and did not change for 2020 or 2021. On January 31, 2020, the Company awarded a cash bonus of $167,200 to Mr. Kim, which represents 92.5% of his
target bonus of 45% of his base salary and increased his base salary to $413,800 effective as of January 1, 2020. On January 29, 2021, the Company awarded a cash bonus of $167,600 to Mr. Kim, which represents 90% of his target bonus
of 45% of his base salary and increased his base salary to $426,200 effective as of January 1, 2021. Mr. Kim is also eligible to participate in the employee benefit plans available to the Companys employees, subject to the terms of
those plans.
The Company granted an option to purchase 130,000 shares of common stock on February 15, 2019 to Mr. Kim. These grants vest 25% on
February 15, 2020, then in equal installments over the 36 following months, fully vesting on February 15, 2023. The Company granted an option to purchase 150,000 shares of common stock on February 14, 2020 to Mr. Kim. This grant
vests 25% on February 14, 2021, then in equal installments over the 36 following months, fully vesting on February 14, 2024. The Company granted an option to purchase 125,000 shares of common stock on February 15, 2021 to
Mr. Kim. This grant vests 25% on February 15, 2022, then in equal installments over the 36 following months, fully vesting on February 15, 2025.
Mr. Kim is entitled to certain benefits in connection with a termination of his employment or a change of control as discussed below under Potential Payments
upon Termination or Change of Control.
Roger J. Waltzman, M.D.
The Company entered into an employment agreement with Dr. Waltzman on January 3, 2019. The agreement provides for an initial base salary of $400,000, and
Dr. Waltzman is eligible to receive a target discretionary annual bonus of 40% of his base salary, which was prorated for 2019. Dr. Waltzmans cash incentive bonus target remained the same for 2020 and 2021. On January 3, 2019,
the Company awarded a cash signing bonus of $90,000 to Dr. Waltzman, which was due and paid in full in fiscal year 2019. On January 31, 2020, the Company awarded a cash bonus of $148,000 to Dr. Waltzman, which represents 92.5% of his
target bonus of 40% of his base salary. On January 31, 2020, the Company increased Dr. Waltzmans base salary to $420,000 effective as of January 1, 2020. On January 29, 2021, the Company awarded a cash bonus of $151,200 to
Dr. Waltzman, which represents 90% of his target bonus of 40% of his base salary and increased his base salary to $432,600 effective as of January 1, 2021. Dr. Waltzman is also eligible to participate in the employee benefit plans
available to the Companys employees, subject to the terms of those plans.
In connection with the commencement of his employment, the Company granted an option
to purchase 175,000 shares of common stock on February 28, 2019 to Dr. Waltzman. This grant vests 25% on February 19, 2020, then in equal installments over the 36 following months, fully vesting on February 19, 2023. The Company
granted an option to purchase 120,000 shares of common stock on February 14, 2020 to Dr. Waltzman. This grant vests 25% on February 14, 2021, then in equal installments over the 36 following months, fully vesting on February 14,
2024. The Company granted an option to purchase 125,000 shares of common stock on February 15, 2021 to Dr. Waltzman. This grant vests 25% on February 15, 2022, then in equal installments over the 36 following months, fully vesting on
February 15, 2025.
Dr. Waltzman is entitled to certain benefits in connection with a termination of his employment or a change of control as discussed
below under Potential Payments upon Termination or Change of Control.
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Molecular Templates, Inc. | 2021 Proxy Statement
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